NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Federal Reserve Chief Says Crypto is Not Used; Evidence of Activity

Davit Babayan
Davit Babayan
6 years ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Jerome Powell, the chairman of the Federal Reserve, has reportedly argued about the validity of crypto as payment tools.

According to the Russian Market, which first reported the statement, the FED chairman said that crypto “almost” didn’t get accepted for payments by merchants. There was no evidence that could validate that Powell made the comment, but it somewhat echoed similar tones the FED chief used for crypto in the past.

Earlier in July 2018, Powell criticized Bitcoin and similar cryptocurrencies for lacking the features of a currency, citing zero intrinsic value and high volatility as the main factors.

“If you think about what currencies do, they’re supposed to be a means of payment and a store of value. And cryptocurrencies…they’re not [really] used very much in payment. Typically people sell their cryptocurrencies and then pay in dollars. [Regarding] a store of value, you know, look at the volatility, and… it’s just not there,” the FED chairman said.

The current statement, however, touches upon the validity of cryptocurrencies as a payment mechanism. It includes every cryptocurrency in the industry, both major cryptocurrencies, and stablecoins. To many, crypto’s acceptance in the global market is measured based on its transactional throughput.

That said, if cryptocurrencies manage to record higher transaction value and volume than that of the world’s largest payment processing service Visa, it will prove the mainstream acceptance of crypto.

Bitcoin Has Crossed PayPal and Discover

Data aggregation services, including Coinmetrics, Statista, and Nacha.org, have published data comparing Bitcoin with the rest of the mainstream payment processing channels, including Visa and Mastercard. Reports have found that Bitcoin recorded a massive jump in transaction value in 2017, from $128 billion to $1 trillion. In 2018, it reached $1.3 trillion.

The base transaction volume of Bitcoin is an order of magnitude away from Visa’s, but the digital currency’s transaction value has already beaten Paypal and Discover by fairly large margins.

However, Bitcoin’s base layer transaction count continues to be lower in comparison to large-scale payment companies. Crypto enthusiasts argue that the decentralized asset was never supposed to compete with the likes of PayPal, Visa, and Mastercard, but the comparison is unavoidable due to Bitcoin use case of settling payments. In the short-term, Bitcoin will not be able to handle the transaction throughput of its mainstream counterparts – until it fully scales.

Bitcoin and similar cryptocurrencies are moving towards mass adoption. In their first phase, every genuine cryptocurrency in the industry has brought a use case, which indirectly defines the users’ possibility of using it. One only has to wait for more upgrades to see what these new digital assets can deliver.

“Intrinsic value is the perceived or calculated value of a company, including tangible and intangible factors, using fundamental analysis,” writes Investopedia, a go-t0 website for every novice and professional investor out there. Mr. Powell might disagree, though.

Featured image from Shutterstock.
Tweet123Share196ShareSend
Davit Babayan
Davit Babayan

Davit Babayan

Davit Babayan is an Armenia-based expat balancing the academic life of a software design engineer with the experiences of a financial technology journalist. He aspires to be a full-time columnist and wants to write a book that would be called, "A Homeless Who Found Bitcoin."

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Crypto Relief: House Advances GENIUS, CLARITY, Anti-CBDC Bills After Narrow Vote

Crypto legislation appears to be back on track after US lawmakers passed a motion to reconsider three crucial digital asset...

Rubmar Garcia 5 hours ago
Miner Position Index Rises As Bitcoin Rebounds Post-CPI Data—Here’s What It Means

Miner Position Index Rises As Bitcoin Rebounds Post-CPI Data—Here’s What It Means

Bitcoin (BTC) is showing signs of recovery following a brief market retreat triggered by the latest US Consumer Price Index...

Samuel Edyme 6 hours ago
bitcoin

Bitcoin Set To Soar? Analyst Sees Fresh $2 Billion Liquidity Triggering Next Leg Up

Bitcoin (BTC) is currently stabilizing within the $116,000 to $120,000 range. However, fresh liquidity totalling $2 billion in stablecoins could...

Ash Tiwari 7 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Coinbase

Coinbase Unveils ‘Super App’ To Expand Crypto Access–Details

Ronaldo Marquez 13 minutes ago
Crypto expert: Bitcoin koers gaat snel exploderen naar $250.000

Bitcoin Touches 8-Year Trendline That Marked Previous Cycle Tops

Scott Matherson 2 hours ago
World Liberty Financial

World Liberty Financial Token Proposal Garners Massive 99% Support

Ronaldo Marquez 3 hours ago

Premium Sponsors

Press Releases

  • Conheça as melhores novas criptomoedas em pré venda em 2025

    Mùa Meme Coin Đã Bắt Đầu? Bonk, Pepe Tăng Mạnh...

    33 minutes ago
  • BONK Tăng Mạnh Gây FOMO – TOKEN6900 Có Phải Là...

    52 minutes ago
  • Altcoin

    Những Alt coin Tốt Nhất Nên Mua Ngay Khi Bitcoin...

    1 hour ago
  • 2 kryptoměny s extrémně vysokým oceněním, které mohou stát za to riziko

    2 kryptoměny s extrémně vysokým oceněním, které...

    16 hours ago
  • 2 rendkívül magas árfolyamú kriptovaluta, amelyeket érdemes lehet kockáztatni

    2 rendkívül magas árfolyamú kriptovaluta, amelyeket...

    16 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.